While I can see tinkering with the OT rules a bit, I actually really like its concept.
Each team gets a chance. Coin flip decides who goes first and second, favoring the team going second because they know what target they have to meet/exceed (kinda like the 9th inning favoring the home team in baseball). Alternate who goes first as you reach extra OT, and change the rules [go for two] as your start getting to later overtimes to force the game into a conclusion.
Could I see changes? Maybe start at the 40 instead of the 25 to reduce the likelihood of getting to multiple OT? Maybe not counting score or stats in OT as a true "final" score? Yeah, I could see those things.
But the basic concept of college football overtime is, in my mind, one of the most sound, fair, and exciting overtimes in sports.